Dhaka, Bangladesh (BBN) – Bangladesh’s stocks ended higher for the three consecutive weeks that ended on Thursday, as investors were active on sector specific stocks amid optimism.
Analysts said a section of investors bagged some quick-profit during the week while the bargain hunters were busy with rebalancing portfolio amid ongoing year-end dividend declaration of the banks and financial institutions.
The week witnessed four trading sessions instead of five as the market was closed on Tuesday due to International Mother Language. Of them, two sessions closed higher while two mild corrections.
DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), went up by 34.66 points or 0.62 percent to settle the week at 5,625.33 points.
The two other indices also edged higher. The DS30 index, comprising blue chips, advanced 8.52 points or 0.42 percent to finish at 2,036.20 points.
The DSE Shariah Index rose 3.33 points or 0.25 percent to close at 1,309.48 points.
The port city bourse, Chittagong Stock Exchange (CSE), also closed higher for the third straight week with its Selective Categories Index, CSCX, advancing 75.12 points or 0.72 percent to close at 10,564 points.
The total turnover for the week stood at BDT 51.73 billion on the DSE which was BDT 53.50 billion in the week before as last week saw four trading session compared to previous week’s five.
The daily turnover averaged at BDT 12.93 billion, which was 21 percent higher than the previous week’s average of BDT 10.70 billion.
“The market maintained the upward trend amid increased turnover value showing increased investors’ confidence to the market,” said LankaBangla Securities, a stockbroker, in its weekly market analysis.
“Some positive expectation of corporate declaration created optimism that tempted the sideline investors inject fresh fund,” said the stockbroker.
The losers, however, took a modest lead over the gainers as out of 332 issues traded, 180 closed lower, 127 closed higher and 25 remained unchanged on the DSE trading floor.
Baraka Power dominated the week’s turnover chart with 40.26 million shares of BDT 2.07 billion changing hands, followed by LankaBangla Finance, Beximco, IDLC Finance and Appollo Ispat Complex.
Salvo Chemicals was the week’s highest gainer, posting 18.23 percent rise, while RN Spinning Mills was the worst loser, slumping by 8.08 percent following poor dividend declaration.